Weir surges as key markets escape crunch
Published Date:
08 May 2008
By Hamish Rutherford
WEIR Group shares rose to their highest level in almost six months yesterday after the company shrugged off economic concerns to predict pre-tax profits of £140 million in 2008.
The engineering group has restructured over the past two years to focus on the mining, power and oil and gas sector, all of which have performed strongly during the credit crunch.
In a statement released ahead of yesterday's AGM, Weir said trading in the 13 weeks to 31 March had benefited from "buoyant market conditions" across its sectors.
A spokeswoman for Glasgow-based Weir said: "We're not seeing any signs of a major drop-off in our sectors".
Weir has seen strong demand from companies seeking gas in North America, while the power business has also seen strong demand from the nuclear industry.
In March, the company paid $231 million (£113m) for CH Warman Pump Group, which serves the mining industry throughout Africa. Weir said it would update the market about synergies from the deal. Last month it sold Weir Strachan & Henshaw for £65m.
Shares rose 24p, or 2.8 per cent, to 880p.
The full article contains 191 words and appears in The Scotsman newspaper.
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Last Updated:
07 May 2008 8:13 PM
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Source:
The Scotsman
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Location:
Edinburgh
